It is well known that olefins can be polymerized and copolymerized with complex catalyst compositions consisting of two or more independent components. For example, the so-called Ziegler type catalysts use a transition metal compound and a reducing agent, normally a compound of a Group I, II or III metal (Mendeleef Periodic System). Such catalysts require special handling because of the sensitivity of the reducing agents to atmospheric gases and moisture. The transition metal component which is most often used commercially is titanium. It is also known that olefin polymers can be produced with certain catalysts supported on inert carriers; for example, the use of supported transition metal oxide catalysts on carriers such as alumina, silica and the like. The most well known of these is the chromium oxide on silica catalyst of U.S. Pat. No. 2,825,721 in which a hexavalent chromium compound is considered essential to form an active catalyst. Trivalent chromium is considered inactive in this type of catalyst (Catalysis Reviews, 3, 145-174 1969). Recent U.S. patents including U.S. Pat. Nos. 3,806,500; 3,836,595; 3,840,508 and others disclose new types of catalysts in which trivalent organochromium compounds deposited on inorganic oxide supports are used for olefin polymerizations. These organochromium compounds are oxygen and moisture sensitive and thus special handling is necessary.